Export Company had a trade account receivable from a foreign customer stated in the local currency of the foreign customer. The trade account receivable for 900,000 local currency units (LCU) had been translated to $315,000 in Export's December 31, 2005, balance sheet. On January 15, 2006, the account receivable was collected in full when the exchange rate was LCU1 = $0.33 1/3. The journal entry (explanation omitted) that Export prepares to record the collection of this trade account receivable is:

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The Answer of Export Company had a trade account receivable from a foreign customer stated in the local currency of the foreign customer. The trade account receivable for 900,000 local currency units (LCU) had been translated to $315,000 in Export's December 31, 2005, balance sheet. On January 15, 2006, the account receivable was collected in full when the exchange rate was LCU1 = $0.33 1/3. The journal entry (explanation omitted) that Export prepares to record the collection of this trade account receivable is:

Export Company Had a Trade Account Receivable from a Foreign